The implementation deadline for the Uniform Loan Delivery Dataset has been pushed back.
Fannie Mae and Freddie Mac were previously directed by their regulator and conservator, the Federal Housing Finance Agency, to require utilization of ULDD requirements for loans delivered on or after March 19, 2012. The two secondary lenders developed a common set of loan delivery data requirements for their sellers to use.
An announcement Wednesday from the FHFA, which called the initiative “a key component of the Uniform Mortgage Data Program,” said that it was designed to improve the consistency and quality of data for appraisals and other information.
FHFA’s statement indicated that the deadline for the two companies to implement the new UMDP requirements has been extended to July 23, 2012.
In its own bulletin, Fannie attributed the delay to “the complexity of the ULDD changes and the importance of ensuring that lender, vendor and GSE systems continue to work together successfully.”
Fannie noted that the requirement impacts loans with application dates on or after Dec. 1, 2011. However, if those loans are delivered after July 23, 2012, they only need to include the ULDD data fields that correspond to the fields specified in the Fannie Mae 2000-Character Loan Delivery File Format.
“The last date to submit loans in the 2000-Character Loan Delivery File Format will be 8:00 p.m. eastern time on July 20, 2012, (previously March 16, 2012) via the existing Loan Delivery application,” Fannie’s bulletin stated. “The 2000-character file format will be retired at a later date.”
The FHFA said that the voluntarily implementation date was delayed three months to April 23, 2012, which is when Fannie will now update its loan delivery application to display required data points.
The regulator noted that Uniform Collateral Data Portal effective dates are not impacted by the extension.
